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May

Insurance accounting newsletter in German

07 May 2010

Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters.

We post these regularly on our IAS Plus Insurance Project Page.
Deloitte (Germany) is translating selected insurance newsletters into German. The latest is:
All of the earlier insurance newsletters available in German are on our Germany Country Page.

 

IASB amends seven IFRSs

06 May 2010

The IASB has issued Improvements to IFRSs – a collection of amendments to seven IFRSs – as part of its program of annual improvements to its standards.

The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project. These amendments had been proposed in exposure drafts issued in August 2008 and August 2009. Most of the amendments are effective for annual periods beginning on or after 1 January 2011, although entities are generally permitted to adopt them earlier.

Click for IASB Press Release (PDF 104k).

 

IFRS Subject of amendment

IFRS 1 First-time Adoption of IFRSs

Accounting policy changes in the year of adoption

Revaluation basis as deemed cost

Use of deemed cost for operations subject to rate regulation

IFRS 3 Business Combinations

Transition requirements for contingent consideration from a business combination that occurred before the effective date of the revised IFRS

Measurement of non-controlling interests

Un-replaced and voluntarily replaced share-based payment awards

IFRS 7 Financial Instruments: Disclosures

Clarification of disclosures

IAS 1 Presentation of Financial Statements

Clarification of statement of changes in equity

IAS 27 Consolidated and Separate Financial Statements

Transition requirements for amendments arising as a result of IAS 27

IAS 34 Interim Financial Reporting

Significant events and transactions

IFRIC 13 Customer Loyalty Programmes

Fair value of award credits

 

Hong Kong adopts IFRS for SMEs with a modification

05 May 2010

On 30 April 2010 the Hong Kong Institute of Certified Public Accountants (HKICPA) issued the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for Private Entities).

This new standard is identical to the IFRS for SMEs except for a modification relating to the income tax requirements. The HKICPA has replaced the recognition and measurement principles contained in Section 29 Income Tax of the IFRS for SMEs with those contained in IAS 12 Income Taxes, while retaining the relevant disclosures in the IFRS for SMEs. In addition, the HKICPA has restricted the amount of deferred tax recognised in relation to the revaluation gain for investment properties to the amount that would be payable upon its sale to an unrelated market participant at fair value at the end of the reporting period.

The HKFRS for Private Entities is effective immediately as an option for SMEs in Hong Kong. Eligible entities are permitted to use the standard to prepare their financial statements for prior periods where the relevant financial statements have not been finalised and approved.

Click for HKICPA Press Release (PDF 25k).

Bob Garnett will continue as Interpretations Committee chair

05 May 2010

Robert Garnett will continue as chair of the IFRS Interpretations Committee (IFRIC) for two years beginning 1 July 2010, following completion of his term as a member of the IASB on 30 June.

The IFRS Foundation Trustees have also reappointed three current IFRIC members whose terms expire on 30 June to new three-year terms starting 1 July 2010, as follows: Guido Fladt (PwC), Bernd Hacker (formerly of Siemens), and Andrew Vials (KPMG). In addition, Feilong Li, controller of CNOOC, the Chinese petroleum company, has been appointed to a three-year term on the Interpretations Committee. Mr Li replaces Darrel Scott (FirstRand Banking Group), who has been appointed as a member of the IASB from October 2010. Click for Press Release (PDF 99k). Click here for complete List of IFRIC Members.

Notes from special 4 May 2010 IASB-FASB meeting

05 May 2010

The IASB and FASB held a special joint meeting on Tuesday 4 May 2010 at the IASB's offices in London.

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

 

Accounting Roundup – April 2010

05 May 2010

We have posted the April 2010 Edition of Accounting Roundup published by Deloitte & Touche LLP (United States). The newsletter is now organised by topic rather than by standard-setter.

Topics covered in this issue include:

Cash Flows

  • Effect of ASUs 2009-16 and 2009-17 on Presentation of Trade Receivable Financing Arrangements in the Statement of Cash Flows
Consolidations
  • CAQ Publishes Alert on ICFR Requirements for Entities Newly Consolidated Under Statement 167 (Codified in ASC 810)
  • CAQ Publishes Alert on Statement 167 (Codified in ASC 810) Practice Issues
Distinguishing Liabilities From Equity
  • An Update on the FASB's and IASB's Joint Project on Financial Instruments With Characteristics of Equity Fair Value Measurements and Disclosures
  • Valuation Resource Group Discusses Four Topics at April 12 Meeting
  • Financial Reporting Considerations Related to Implementation of Fair Value Measurement Disclosures Required by ASU 2010-06
Income Taxes
  • SEC Staff Announcement on Accounting for the Different Enactment Dates of the Health Care Reform Bill and Reconciliation Measure
  • Significant Changes to Statute of Limitations Under the HIRE Act
Receivables
  • FASB Issues ASU on the Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single
Asset Retirement Benefits
  • IASB Issues Exposure Draft on Improvements to Defined Benefit Accounting
  • Health Care Legislation - Impact on Employee Benefits Accounting
Revenue Recognition
  • FASB Issues ASU on Milestone Method of Revenue Recognition
Stock Compensation
  • FASB Issues ASU on the Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades
Transfers and Servicing
  • FASB Chairman Sends Letter to House Financial Services Committee Explaining Accounting Guidance Relevant to Lehman Accounting Practices
Industry Accounting
  • FASB Issues ASU on Accruals for Casino Base Jackpot Liabilities
  • FASB Issues ASU on How Investments Held Through Separate Accounts Affect an Insurer's Consolidation Analysis of Those Investments
  • FASB Issues ASU to Amend SEC Content Within Oil and Gas Guidance
  • FASB Issues Exposure Draft on Measuring Charity Care for Disclosure
  • FASB Issues Exposure Draft on Presentation of Insurance Claims and Related Insurance Recoveries
  • IASB Publishes Discussion Paper on Extractive Activities
Other Accounting
  • A Summary of the Financial Reporting and Disclosure Implications of the Health Care Reform Legislation
  • FAF/FASB and XBRL US Labs Announce Research Initiative
  • FAF Names Louis Matherne as FASB Chief of Taxonomy Development
Other SEC Matters
  • SEC Issues Proposed Rule on Large Trader Reporting System SEC Issues Proposed Rule on Access to Listed Options Exchanges
  • SEC Issues Proposed Rule on Asset-Backed Securities
  • SEC Publishes Final Rule on Adoption of Updated Edgar Filer Manual
  • SEC Regulations Committee Releases Highlights of September 2009 Meeting
Other Auditing
  • A Summary of the April 7-8 Meeting of the PCAOB's Standing Advisory Group
  • PCAOB Issues Staff Audit Practice Alert on Significant Unusual Transactions
  • PCAOB Issues Proposed Auditing Standard on Communications With Audit Committees
  • AICPA Issues Standard for Reporting on Controls at a Service Organization
FASAB Matters
  • FASAB Issues Standard on Financial Reporting for Social Insurance Programs
  • FASAB Issues Standard on Accounting for Federal Oil and Gas Resources
Other International
  • IASC Foundation Releases IFRS Taxonomy 2010
  • Paul Pacter Appointed to the IASB
  • IASB and FASB Issue Quarterly Progress Report on Commitment to the Memorandum of Understanding

 

You will find past issues of Accounting Roundup Here.

 

Global IFRS and Offerings Services newsletter

04 May 2010

We have posted Deloitte's US Reporting Newsletter for Non-US Based Companies March 2010 Edition – includes news through 15 March 2010. The newsletter is developed by Deloitte's Global IFRS and Offerings Services (GIOS) team – Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US GAAP and IFRSs and in complying with the SEC's financial reporting rules.

The GIOS Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Past GIOS Newsletters are Here.

In this issue of the GIOS newsletter:

IFRS Matters

  • IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37
  • IASB Issues Limited Exemption Amendment to IFRS 1
  • IASC Foundation Proposes IFRS Taxonomy 2010
  • IFRIC Clarifies Accounting for Debt for Equity Swaps
  • IASB Amends IFRIC 14
  • New Members Appointed to the IASB
  • SEC Publishes Work Plan for Moving Forward With IFRSs for US Issuers
  • IASB Discusses Limited Project on Income Taxes
  • IFRS Tools

 

US GAAP Matters

  • FASB Issues Guidance on ASC 815 Scope Exception for Embedded Credit Derivatives
  • FASB Makes Decisions About Accounting for Financial Instruments
  • FASB and IASB Publish Exposure Draft on Reporting Entity Concept for the Conceptual Framework
  • FASB and IASB Make More Decisions About Financial Instruments With Characteristics of Equity
  • FASB Issues ASU to Defer Statement 167 for Certain Investment Funds
  • FASB Finalizes ASU on Subsequent Events
  • FASB Issues ASU Containing Technical Corrections to Various Codification Topics
  • FASB Clarifies Scope of Decrease-in-Ownership Provisions in ASC 810-10
  • FASB Issues ASU on Variable Interest Entities
  • FASB Issues Guidance on Accounting for Distributions to Shareholders With Components of Stock and Cash
  • FASB Deliberates Approach to Accounting for Credit Impairment and Interest Income
  • FASB Issues ASU on Escrowed Share Arrangements and the Presumption of Compensation
  • FASB Issues ASU on Accounting for Transfers of Financial Assets
  • FASB Updates Oil and Gas Reserve Estimation and Disclosure Requirements
  • SEC Staff Announcement on Foreign Currency Issues Related to Venezuela's Highly Inflationary Status
  • FASB Publishes Revised Notice to Constituents About the Codification
  • FASB Issues Technical Corrections to SEC Content
  • AICPA Issues Technical Practice Aids
  • FASB Ratifies Consensus-for-Exposure on Impact of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades
  • FASB Ratifies Consensus-for-Exposure on the Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset
  • FASB Ratifies Consensus-for-Exposure on Casino Base Jackpot Liabilities
  • FASB Ratifies Consensus-for-Exposure on Consideration of an Insurer's Accounting for Majority-Owned Investments When the Ownership Is Through a Separate Account
  • EITF Proposes Clarification of the Definition of Deferred Acquisition Costs of Insurance Entities
  • FASB Ratifies Consensus-for-Exposure on Milestone Method of Revenue Recognition
  • FASB Issues ASU on Improving Disclosures About Fair Value Measurements

 

Other Matters

  • IRS Proposes Requiring Certain Taxpayers to Report Uncertain Tax Positions
  • Members of 'Blue-Ribbon Panel' Announced to Address Standards for Private Companies
  • FAF Appoints New Board Trustee
  • FAF to Maintain XBRL Taxonomy for U.S. GAAP
  • SEC Issues Final Rules IC-29132 and 33-9108
  • SEC Issues C&DIs Related to Regulation S-K and Form 8-K
  • AICPA ASB Issues Various Statements on Auditing Standards
  • AICPA ASB Issues Proposed Statements on Auditing Standards
  • SEC Approves PCAOB Auditing Standard 7
  • SEC Issues Interpretive Guidance on Disclosures Related to Climate Change
  • SEC Issues Compliance and Disclosure Interpretations on Non-GAAP Measures
  • SEC Issues Final Say-on-Pay Rules for TARP Companies
  • AICPA Issues Guidance on Compilation and Review Engagements
  • SEC Communications Available
  • PCAOB Reproposes Seven Auditing Standards on Risk Assessment

 

 

Tanzania prescribes applicability of IFRS for SMEs

03 May 2010

Since 2004, all business entities in Tanzania have been required to use IFRSs except for government business entities, which have been required to use International Public Sector Accounting Standards (IPSASs).

The National Board of Accountants and Auditors of Tanzania has clarified which of those entities are now permitted to use the IFRSs for SMEs, as follows:
  • Publicly accountable entities are required to use full IFRSs. These include:
    • entities that offer shares to the public;
    • financial institutions such as banks, insurance, pension funds, mutual funds, securities brokers/dealers;
    • entities that have essential public responsibility or provide essential public service such as utilities; and
    • all entities including government business entities with 100 or more employees or with capital investment in non-current assets above TShs.800,000,000 (approximately US$600,000).
  • Non-publicly accountable entities are permitted to use the IFRS for SMEs. These include private business entities and government business entities with less than 100 employees and capital investment of less than TShs.800,000,000 (approximately US$600,000). Such entities may, alternatively, use full IFRSs.
  • Public sector entities may use IPSASs provided that they do not qualify as publicly accountable (see above).
Entities using IFRSs or the IFRS for SMEs must apply those pronouncements as issued by the IASB in full and without modification. Click for Resolution of Tanzania National Board of Accountants and Auditors (PDF 68k).

 

2010 Strategy matrix for global transfer pricing

03 May 2010

Deloitte's Strategy matrix for global transfer pricing continues to be the most comprehensive and authoritative guide of its kind.

The 2010 edition contains essential information on transfer pricing regimes in 51 jurisdictions around the world and the Organisation for Economic Co-operation and Development (OECD). This 76-page book provides guidance for planning for transfer pricing methods, documentation, penalties, and other issues. Click to download Deloitte's 2010 Transfer Pricing Guide (PDF 594k, 76 pages).

Deloitte Canada IFRS transition newsletters

02 May 2010

Deloitte Canada has published the April 2010 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events.

Articles in this issue include:
  • The Opening Act - our perspectives on the Opening IFRS Balance Sheet
  • The Real Deal - Practical application tips and examples from LightYear on the Opening IFRS Balance Sheet
  • An update on international standard setting activities
Click below for: Related items:

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